Newsroom // News Releases

December 21, 2006

First Remittances Making Way through IRnet® Coop Kenya

Beatrice Wainaima, one of the first remittance receivers through IRnet® Coop Kenya.

Madison, WI—People in Nairobi, Kenya,
recently enjoyed a day of entertainment and
remittance education with the official launch of
IRnet® Coop Kenya at
Kenya Bankers Savings and Credit Co-operative
(SACCO).

With Kenyans abroad sending more than $600
million every year to friends and family back
home, World Council of Credit Unions, Inc. and
shareholding SACCOs in Kenya established
IRnet® Coop Kenya to
provide a fast, safe and convenient way to
transfer money. Through the network, people can
send remittances through any Vigo Remittance
Corp. agent or participating credit union in the
United States to a participating SACCO in Kenya.
Members and non-members alike may use the
service.

Kenya's commissioner for cooperatives with
the
Ministry of Co-operative Development and
Marketing, Frederick Odhiambo, was at the event
and congratulated IRnet®
Coop Kenya for coming at a time when the
cooperative movement faced increasing
competition and the challenge to meet increasing
member needs.

Odhiambo also received a remittance through
the
network at Kenya Bankers SACCO during the event.
After providing the sender's reference number,
his photo ID and upon completing a simple form,
Odhiambo received the $10 money transfer from
Madison, Wisconsin, within a half hour after it
was sent.

A "roadshow team" performed a series of
entertaining and interactive skits throughout
the day at key locations in Nairobi to educate
the public on the benefits, mechanics and
availability of IRnet®
Coop Kenya. Team members also distributed flyers
and answered questions on the new service.

Remittances Serving the Greater
Community

Though not a SACCO member, Beatrice Wainaima
was
one of the first people to receive a remittance
via IRnet® Coop Kenya.

Her husband, a professional runner currently
living in Brooklyn, New York, sends her money
twice a month to Kenya Bankers SACCO in Nairobi.
Until she can obtain a visa to join him in the
US, Beatrice uses the money to cover house
payments, food and transportation. She has also
invested some of the money into a small clothing
store she recently opened. Beatrice said that
she uses
IRnet® Coop Kenya because
she values the customer service and low-cost
alternative.

By providing means to receive international
remittances, SACCOs are meeting a crucial need
of the greater community and attracting
potential members like Beatrice Wainaima.

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.